> For the complete documentation index, see [llms.txt](https://docs.strata.markets/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.strata.markets/markets/neutrl-nusd/srnusd.md).

# srNUSD

Senior NUSD (srNUSD) is an over-collateralized, yield-bearing synthetic dollar backed by NUSD, representing the senior risk tranche in Strata’s structure. It offers superior risk-adjusted yield by providing protection against underlying strategy risks and guaranteed minimum yield tied to the benchmark rate (Ethena sUSDe APY), while retaining uncapped upside participation in sNUSD APY.

srNUSD always earns a share of the yield generated by the protocol on the pooled NUSD collateral by staking NUSD. Its yield has a floor equivalent to the benchmark rate ensuring uncapped upside exposure to sNUSD APY with minimum guaranteed yield and first-loss protection provided by the junior tranche. In extreme scenarios, srNUSD APY will be equivalent to the sNUSD APY.

<details>

<summary>Mint</summary>

Users can mint srNUSD by depositing NUSD/USDC/USDT/USDe. The amount of srNUSD received is determined by the real-time srNUSD/NUSD exchange rate minus any applicable minting fees.

At the current stage of protocol implementation:

* NUSD/USDC/USDT/USDe and sNUSD can be used to mint srNUSD through the Strata UI.
* Minting fees are currently waived.
* srNUSD minting is temporarily paused when the senior coverage ratio falls below the min. coverage threshold.
* srNUSD can also be acquired on secondary markets using any asset on DEXs.

</details>

<details>

<summary>Redeem</summary>

When srNUSD is redeemed, the user receives NUSD/sNUSD based on the srNUSD/NUSD exchange rate, minus any applicable redemption fees.

At the current stage of protocol implementation:

* srNUSD can be redeemed for NUSD and sNUSD through the Strata UI.
* 0–5 bps redemption fee is applied depending on the srNUSD coverage level. The applicable fee is displayed on the UI prior to confirmation.
* sNUSD redemptions are processed instantly, while NUSD redemptions follow a 10 day cooldown period, consistent with Neutrl's sNUSD unstaking period. NUSD can be claimed in the portfolio section.
* srNUSD can also be traded for other assets on DEXs.

</details>

{% hint style="success" %}
The srNUSD [Dashboard](https://app.strata.markets/market/neutrl-nusd?action=buy\&tranche=srNUSD) on the Strata app displays the current srNUSD/NUSD exchange rate, APY, coverage, and market cap, along with full historical data. All metrics are updated in real time, giving users a clear and accurate view of srNUSD’s performance at any moment.
{% endhint %}


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